Baby Expenses

And you thought the home pregnancy test was expensive! The cost of raising a baby to age 18 is between $125,000-$250,000 and that's not including college tuition! In your baby's first year alone, you can easily spend between $9,000 and $11,000 (for diapers, formula, baby furniture, clothing, baby gear, etc.)

Three things that can save you money right away are using cloth diapers, using secondhand items and breastfeeding.

If you go back to work right away, childcare can cost as much as $3,000 to $4,500 in your baby's first year, not to mention the higher insurance premium for adding an additional person. If you can stay home with your baby, you can save money.

Pregnancy Costs

Don't forget about the delivery! It easily costs between $5,000 and $8,000 for a normal vaginal delivery, up to $12,000 for a cesarean delivery and much more if there are complications. Even if you are covered by insurance, it may not cover all of the cost.

More on infant budgeting

If you plan to use disposable diapers, plan on spending between $1,600 and $2,300 by the time your baby is potty-trained. Expect your baby to go through at least 7 or 8 diapers a day on average, costing between $80 and $130 a month (especially in the first few months, when changes are more frequent.) Cloth diapering can be just as expensive as disposables if you use a diaper service, but if you launder them yourself, you can save money. It is estimated that cloth diapering only costs around $800 to $1,100 by the time your baby is potty-trained (without the diaper service).

For formula (up until your baby is one year old), expect to spend between $1,000 and $2,300 - depending on whether you use powder or ready-to-pour liquids. Plan on spending at least $40 a week on infant formula. You can really cut your costs dramatically by breastfeeding for a year or more.